The Pound (GBP) has fallen by -0.4% against the Euro (EUR) today, in the wake of GBP-damaging remarks from Bank of England (BoE) Governor Mark Carney.

Mr Carney spoke on the importance of securing a favourable Brexit agreement with the EU, warning that if there was no deal then:

‘It would be a material event. I wouldn’t prejudge in which direction, though.

‘Speaking very narrowly about the financial services side, in the event of a no-deal scenario… there would be big economic consequences. We might have a lot of idle bankers as there is not a lot of demand for their services.

‘We are concerned that the EU has not yet indicated its solution. The private sector cannot solve these issues.

‘This is fundamentally about taking responsibility to protect the financial system… its cold comfort, but it will be worse in Europe than it is here.’

The UK financial sector is seen as at-risk from no Brexit deal, because companies could migrate to mainland Europe if they are worried about post-Brexit conditions.